Oil Rises $2 As Iran Announces Closure of Strait of Hormuz Following US Strikes

Oil prices surged over $2 a barrel after Iran announced the closure of the Strait of Hormuz, following U.S. strikes against Iran. Brent futures rose $2.30 to $95.40, and WTI climbed $2.60 to $92.63. Despite Iran's threats, the U.S. military reported ongoing commercial traffic in the strait.